ACI to support Europe's instant credit transfer scheme
ACI Worldwide has been named a frontrunner service provider for the pan-European EBA Single Euro Payments Area Instant Credit Transfer Scheme, due to go live in November 2017.
The scheme will allow consumers and businesses to make euro credit transfers in real time between accounts across an area that eventually will span 34 European countries, a press release said. The first pilot banks are expected to start testing as early as Q1 2017.
ACI Worldwide will support and provide assistance to a number of banks joining the scheme. The company's UP Immediate Payments solution provides a single point of access and liquidity control — either via SaaS or on-premises — to all IP schemes globally, providing the release aid.
The solution has been used by financial institutions to access the U.K. Faster Payments scheme since its launch in 2008, according to ACI.
In addition to providing a technical gateway, the company provides full real-time payment processing and liquidity functionality, guidance on compliance, fraud, scheme rules, testing and certification, and support during the on-boarding process.
Topics: Transaction Processing